According to the Commodity Market Analysis System of SunSirs, on November 7, 2025, the average price was 1,451 RMB/ton. In November 2025, the domestic coke market showed a stable operation with stable prices.

Price wise: Fourth round of price increase: Starting from 0:00 on November 10, 2025, coke prices in markets such as Weifang, Binzhou, and Dezhou in Shandong Province are planned to increase. Wet quenched coke prices will be raised by 50 RMB/ton, and dry quenched coke prices will be raised by 55 RMB/ton. Prior to this, mainstream steel mills in Tianjin and Hebei regions completed the third round of price increase on November 4, with a range of 50-55 RMB/ton. The cumulative increase in coke prices in October is 100-110 RMB/ton, and the price of quasi first level dry quenched coke in Shanxi has exceeded the 1,600 RMB/ton mark. ‌

Supply side: Due to environmental restrictions and profit contraction, the operating rate of coking plants continues to decline. The Tangshan area in Hebei Province has reduced production by 20% -30%, exacerbating the tense market atmosphere and tightening the overall supply of coke market. ‌‌

On the demand side, with tight supply of coking coal and the support of steel mills' rigid demand, coke prices may remain stable, medium, and strong. In the medium term (after mid to late term), steel demand enters the off-season, and the pressure of steel mills' losses may lead to production cuts, increasing the risk of downward pressure on coke prices. Institutions predict that nearly 90% of the coking coal market will be bullish in November, but caution should be exercised against fluctuations caused by supply-demand mismatches. ‌‌‌

Cost side: Coking coal is the main raw material for coke production, and its price changes directly affect the cost of coke. In October 2025, due to the tightening of coal mine safety and environmental inspections, the supply of coking coal continued to be tight, and the rigid rise in coking coal prices provided significant bottom support for coke prices. The steel industry is the main consumer area of coke. Despite weak steel terminal demand, the blast furnace operating rate of steel mills remains high (such as reaching 90.24% in Tangshan area), and there is a rigid demand for coke replenishment. After the National Day holiday, the available days of coke inventory in steel mills decreased to 7.18 days, and even fell below the 6-day warning line in Hebei area, forcing enterprises to accelerate replenishment.

The coke analyst from SunSirs believes that the future market of coke is expected to fluctuate strongly after a correction and consolidation.

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